Monday, July 11, 2016

British Government Testing Blockchain On Benefits Payments

The government has quietly been testing blockchain technology for benefits payments

The government has quietly been testing out blockchain technology to make benefit payments, it has been revealed.

The department of work and pensions (DWP) has worked with Barclays, Npower,
University College London and a UK-based distributed ledger platform
startup called GovCoin to create an app which tracks spending.

"Claimants are using an app on their phones through which they are
receiving and spending their benefit payments. With their consent, their
transactions are being recorded on a distributed ledger to support
their financial management," said welfare reform minister Lord Freud at a
payments conference earlier this week.

The ongoing small trial which could demonstrate the practical applications of the technology began in June.

“This initiative focuses on adding an additional layer of
richer data and identity onto payments, so that a deeper and more
effective relationship can be established between the government and
claimants," said vice chairman of corporate banking at Barclays, Jeremy
Wilson....MORE